LONDON--(BUSINESS WIRE)--The automotive diecast scale model market is expected to grow by USD 1.04 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.

Collector clubs across the world are acting as mediums for influencing and sharing knowledge about diecast models for enthusiasts. Also, they are member-only access clubs and are exclusively maintained for collecting automotive diecast scale models. These clubs also organize several model display events and auctions where likeminded enthusiasts meet and strike business deals. The rising hobby of collecting automotive diecast models among consumers has increased the number of collector clubs, especially in Europe and the US. Successful establishment of such clubs is helping to increase the customer base for diecast scale models. These factors are influencing the growth of the global automotive diecast scale model market.

As per Technavio, the increasing consolidation in the market through acquisitions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Factors such as increasing demand for automotive diecast models and the need for expanding product portfolio has led many players in the market to shift their focus toward acquisitions. For instance, in July 2016, GreenLight Collectibles announced the acquisition of First Response Replicas, which manufactures 1:43 scale diecast police cars. Such acquisitions are reducing the competition in the market, which is positively impacting the growth of the global automotive diecast scale model market.

“Shift toward resin scale models and the use of additive manufacturing or 3D manufacturing will further boost market growth during the forecast period”, says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports

This market research report segments the automotive diecast scale model market by end-user (collectors and non-collectors) and geographic (North America, Europe, APAC, MEA, and South America).

The North American region led the automotive diecast scale model market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the demand for exclusive automotive diecast models in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.